Lok Sabha 2024 : Bank Nifty 04 June Trade Plan

By | June 4, 2024 8:49 am

Foreign Institutional Investors (FIIs) exhibited a Bullish  stance in the Bank Nifty Index Futures market by Buying 39206  contracts with a total value of 2994 crores. This activity led to a decrease of 14728 contracts in the Net Open Interest.

As Discuused in Last Analysis

Bank Nifty saw the impact of Jupiter INgress as once it broke the first 15 mins HIgh we had an explosive move on upside, Today we have Jupiter Saturn Aspect both are the largest and second largest plannet of solar system so can cause explosive move again. INtraday traders watch out for first 15 mins HIgh and Low to plan the trade.

Today we have Bayer Rule 19: We have tops when Venus in geocentric position passes the conjunction with the Sun. SUN Conju Venus so trade cautiously watch for Imtraday timeing to plan for the trade. Venus have strong impact on stock market so trade with extreme care, VIX will also decline today if no major surprises in Election Results.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50987 for a move towards 51211/51435/51659/51883. Bears will get active below 50764   for a move towards 50540/50316/50092.

Traders may watch out for potential intraday reversals at 09:22,10:25,11:44,1:00,1:46,2:11,02:55 How to Find and Trade Intraday Reversal Times

Bank Nifty June Futures Open Interest Volume stood at 22.7 lakh, with addition of 0.008 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of LONG positions today.

Bank Nifty Advance Decline Ratio at 12:00 and Bank  Nifty Rollover Cost is @49365 closed above it.

Bank Nifty Gann Monthly  Trade level :50889 closed above it.

Bank Nifty closed above 20 SMA @48439 Trend is Buy on Dips.

Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 50077-51567-53056. This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 51000  strike, followed by the 51500 strike. On the put side, the 50000 strike has the highest OI, followed by the 49500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50000-51500 range. 

The Bank Nifty options chain shows that the maximum pain point is at 51000 and the put-call ratio (PCR) is at 1.22. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .

The only reason to get into a trade is if you see an opportunity and you feel the market has a good chance of moving in your direction. But the reason people usually add on to their losing positions is not because they see another opportunity, but because they don’t want their first opinion to be wrong.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 49575 . Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 50879, Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 51000  Tgt 51200, 51377 and 51555 ( BANK Nifty Spot Levels)

Sell Below 50850 Tgt 50700, 50555  and 50225 (BANK Nifty Spot Levels)

Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.

As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.

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